Tax and spend

What’s wrong with this picture? Treasury officials say the government took in a record $240 billion in taxes in May – but still ran a deficit of $88 billion last month.

In the first eight months of fiscal 2017, October through May, the government took in a total of $2.2 trillion in taxes. It spent $2,6 trillion, already racking up a $432 billion deficit for the fiscal year that does not end until  Sept. 30.

What could lawmakers be thinking? The overall federal debt is approaching $20 trillion. Mind you, that does not include local and state debt or unfunded liabilities for programs such as Medicare and Social Security.

When will Washington, D.C., finally come to understand that the nation cannot continue spending more than it has?

We suspect that will happen the moment it has sucked up and spent the last available penny.

And not a minute sooner.

 

 

0 Responses to Tax and spend

  1. Jim Schradle June 17, 2017 at 8:08 pm

    I’m figuring that when the financial house of cards finally comes down we won’t be able to find any lawmakers. They will be mysteriously absent. I’m thinking they’ve got their golden parachutes to somewhere else packed and ready to go. Why else would they just merrily spend their country into oblivion like it’s no big deal. It’s not a big deal if you can escape the consequences.

    Reply

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